APPENDIX
Table IX
Rates of Interest in Relation to Annual Rates of Change in the Price Level ,
Berlin, 1864-1912
Bank
Market
Annual Ratesop Change inthe Price Level
Real Interestin Commodities(Bank)
Real Interestin Commodities(Market)
1864^1867
5.1
4.7
+ 5.0
+ 0.1
- 0.3
1867-1870
4.2
3.3
- 4.5
+ 8.7
+ 7.8
1870-1873
4.6
4.2
+ 8.2
- 3.6
- 4.0
1873-1886
4.2
3.2
- 4.3
+ 8.5
+ 7.5
1886-1891
3.7
2.7
+ 6.2
- 2.5
- 3,5
1891-1896
3.5
2.5
- 5.9
+ 9.4
+ 8.4
1896-1912
4.4
3.5
+ 2.6
+ 1.8
+ 0.9
Bank
Market
Annual Ratesof Change inthe Price Level
Real Rate ofInterest inCommodities(Bank)
Real Rate ofInterest inCommodities(Market)
1872-1896
1896-1914
3.2
3.0
2.6
2.6
+ 2.4
- 2.0
+0.8
+ 5.0
+ 0.2
+ 4.6